You posted in the macOS Sonoma community, yet your profile stll shows macOS Big Sur.
If you are indeed on macOS Sonoma (or later) then by right-clicking on a .heic image in the Finder, you can select from the secondary menu: Quick Actions -> Convert Image. It will give you the option of HEIF to JPG and a checkbox to preserve the image metadata. This is automatically enabled by the operating system, so nothing for you to enable in System Settings.
I neither remember, nor do I still have Big Sur installed to confirm if this feature was available in it. If not, then you will need to roll your own solution using Automator.